The leading display maker reported its revenue rose 15.3% in the first quarter, as its profit for the period more than doubled on rising margins
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TV and display giant TCL Electronics Holdings Ltd. (1070.HK) last week reported its revenue rose 15.3% in the first quarter and its profit more than doubled, as its newer and higher margin businesses like large displays and mini LED TVs made strong gains. The company also broke new ground with its announcement of a landmark deal to form a joint venture with Japan’s Sony (6758.T), one of the display industry’s oldest and most respected brands.
Of TCL Electronics’ HK$29.2 billion ($3.7 billion) in first-quarter revenue, the biggest share – about 57% – came from large-sized displays that are becoming a mainstay at homes and businesses. Revenue from that part of the company’s business rose 17.2% to HK$16.7 billion from HK$14.3 billion a year earlier. Reflecting the move towards ever-bigger screens, the company said the average screen size for the displays it sold rose to 55.6 inches in the first quarter, larger by 2.3 inches from …